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Corn falls as favorable weather continues

Corn prices drop to lowest in almost 4 years as favorable weather conditions continue

NEW YORK (AP) -- The price of corn fell to its lowest in almost four years on Monday as favorable weather conditions for the crop persist in the Midwest.

Corn for delivery in September fell 9 cents, or 2.2 percent, to $4.06 a bushel, its lowest price since August 2010. As recently as April 29, corn was trading at $5.22.

The price of corn has slumped in the last two months as the right combination of sun, rain and moderate summer temperatures has boosted the chances of a record crop this year. U.S. corn is currently entering its pollination stage, a critical point of its development.

"We saw further acceleration to the downside today and the principal driver is the weather," said Sterling Smith, a commodities analyst at Citigroup.

The prices for wheat and soybeans also fell.

Wheat for September dropped 22.8 cents, or 3.9 percent, to $5.57 a bushel. Soybeans for the same month fell 8 cents, or 0.7 percent, to $11.26 a bushel.

Gold for August delivery dropped $3.60, or 0.3 percent, to $1,317 an ounce. Silver for September fell 12.3 cents, or 0.6 percent, to $21.01 an ounce. Copper for the same month fell 1.9 cents, or 0.6 percent, to $3.26 an ounce. Platinum for October slipped $12.10, or 0.8 percent, to $1,495.60 an ounce. Palladium for September rose $7.05, or 0.8 percent, to $868.95 an ounce.

In energy trading, the price of oil dropped for the seventh straight day amid expectations that Libya will soon boost its exports of crude.

U.S. crude for August delivery fell 53 cents to close at $103.53 a barrel in New York.

Wholesale gasoline fell 3.1 cents to close at $2.989 a gallon. Natural gas fell 18.1 cents to close at $4.225 per 1,000 cubic feet. Heating oil fell 1.4 cents to close at $2.915 a gallon.